Where to save for retirement
You may be familiar with the 401(k), but did you know that there are other ways you can invest for your retirement?
Check in with your financial advisor, and read this article to learn if you qualify to use one of these options as well:
- Solo 401(k)
- SEP IRA
- Simple IRA
- Roth IRA
- Health savings account
A different look at 401(k) plans
It’s good to see different points of view about retirement savings, and there are definitely pros and cons about using a 401(k) as your primary investment vehicle. The pros are generally well known – forced savings, tax deductions, matching contribution from your employer. But the cons are discussed less often – in particular, the implications on your taxes and finances once you retire.
Before making any dramatic changes, you should always check with your financial peeps.
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We all make mistakes
Getting informed about how to save for retirement can help to mitigate mistakes along with way. Remember, when saving for your retirement, to consider:
- How will inflation impact your savings?
- How much do you really need to live once you leave your primary job?
- Are you investing rationally or letting your emotions sway you?
- Are you being too aggressive or too conservative in your investment choices?
- Have you considered how your health care costs will figure in?